To the Members,
Tentiwala Metal Products Limited,
Mathura
Report on the Financial Statements
We have audited the accompanying standalone financial statements of Tentiwala Metal
Products Limited ("the Company"), which comprise the Balance Sheet as at March
31, 2016, the Statement of Profit and Loss Statement and the Cash Flow Statement for the
year then ended, and a summary of significant accounting policies and other explanatory
information.
Managements responsibility for the financial statements
The Companys Board of Directors is responsible for the matters stated in section
134(5) of the Companies Act, 2013 ("the Act) with respect to the preparation and
presentation of these financial statements that give true and fair view of the financial
position, financial performance and cash flow of the Company in accordance with the
accounting principles generally accepted in India, including the Accounting Standards
specified under section 133 of the Companies Act, read with Rule 7 of the Companies
(Accounts) Rules,2014. This responsibility also includes the maintenance of adequate
accounting records in accordance with the provision of the Act for safeguarding of the
assets of the Company and for preventing and detecting the frauds and other
irregularities; selection and application of appropriate accounting policies; making
judgments and estimates that are reasonable and prudent; and design, implementation and
maintenance of adequate internal financial control, that were operating effectively for
ensuring the accuracy and completeness of the accounting records, relevant to the
preparation and presentation of financial statements that give a true and fair view and
are free from material misstatement, whether due to fraud or error.
Auditors Responsibility
Our responsibility is to express an opinion on these standalone financial statements
based on our audit.
We have taken into account the provisions of the Act, the accounting and auditing
standards and matters which are required to be included in the audit report under the
provisions of the Act and the Rules made thereunder.
We conducted our audit in accordance with the Standards on Auditing specified under
section 143(10) of the Act. Those Standards require that we comply with ethical
requirements and plan and perform the audit to obtain reasonable assurance about whether
the financial statements are free from material misstatements.
An audit involves performing procedures to obtain audit evidence about the amounts and
disclosures in the financial statements. The procedures selected depend on the auditors
judgment, including the assessments of the risk of material misstatement of the financial
statements, whether due to fraud or error. In making those risk assessments, the auditor
considers internal financial control relevant to the Companys preparation of the
financial statements that give true and fair view, in order to design audit procedures
that are appropriate in the circumstances but not for the purpose of expressing an opinion
on whether the Company has in place an adequate internal financial controls system over
financial reporting and operating effectiveness of such controls. An audit also includes
evaluating the appropriateness of accounting policies used and the reasonableness of the
accounting estimates made by Companys Directors , as well as evaluating the overall
presentation of the financial statements.
We believe that the audit evidence we have obtained is sufficient and appropriate to
provide a basis for our audit opinion on the financial statements.
Opinion
In our opinion and to the best of our information and according to the explanations
given to us, the aforesaid standalone financial statements give the information required
by the Act in the manner so required and give a true and fair view in conformity with the
accounting principles generally accepted in India of the state of affairs of the Company
as at March31,2016, and its profit and its cash flow for the year ended on that date.
Report on Other Legal and Regulatory Requirements
1. As required by the Companies (Auditors Report) Order, 2016 ("the order")
issued by the Central the Government of India in terms of sub- section (11)of Section 143
of the Act,we give in the annexure A,a statement on the matters specified in the
paragraphs 3 and 4 of the order, to the extent applicable.
2. As required by Section 143(3) of the Act, we report that:
(a) We have sought and obtained all the information and explanation which to the best
of our knowledge and beliefs were necessary for the purpose of our audit:
(b) In our opinion, proper books of accounts as required by law have been kept by the
Company so far as appears from our examination of those books.
(c) The Balance Sheet, the Statement of Profit and Loss and Cash Flow Statement dealt
with by this Report arein agreement with the books of account;
(d) In our opinion, the aforesaid financial Statements comply with the
accountingStandards specified under section 133 of the Act, read with Rule 7 of The
Companies (Accounts)Rules, 2014.
(e) On the basis of the written representations received from the directors as on March
31, 2016,and taken on record by the Board of directors, none of the directors is
disqualified as on March 31, 2016,from being appointed as a director in terms of Sections
164(2) of the Act.
(f) With respect to the adequacy of the internal financial controls over financial
reporting of the Company and the operating effectiveness of such controls, refer to our
separate report in Annexure B
(g) In our opinion and to the best of our information and according to the explanations
given to us, we report as under with respect to other matters to be included in the
Auditors Report in accordance with Rule 11 of the Companies (Audit and
Auditors)Rules,2014:
(i) The Company does not have any pending litigations which would impact its financial
position.
(ii) The Company did not have any long-term contracts including derivative contracts
for which there were any material foreseeable losses.
(iii) There were no Amounts which required to be transferred by the Company to the
InvestorEducation and Protection Fund.
|
For B. B. Agrawal & Co. |
|
Chartered Accountants |
|
(FRN. 000597C) |
|
Sd/- |
|
(B.B.Agrawal) |
| Place : Mathura |
(Partner) |
| Date :30/05/2016 |
Membership No. 015698 |
ANNEXURE TO THE AUDITORS REPORT
[Referred to in paragraph 1 under Report on Other Legal and Regulatory Requirements of
our Report of even date to the members of Tentiwala Metal Products Limited on the accounts
of the company for the year ended 31st March, 2016]
On the basis of such checks as we considered appropriate and according to the
information and Explanations given to us during the course of our audit, we report that:
(i) In respect of its fixed assets:
(a) The Company has maintained proper records showing full particulars, including
quantitative details and situation of the fixed assets.
(b) As explained to us, fixed assets have been physically verified by them during the
year in accordance with the regular programme of verification adopted by them which, in
our opinion, provides for physical verification of all the fixed assets at reasonable
intervals. According to the information and explanations given to us, no material
discrepancies were noticed on such verification.
c) According to the information and explanations given to us and the basis of our
examination of the records of the Company, the title deed of immovable properties are held
in the name of the Company.
(ii) In respect of its inventory:
As explained to us, the inventories of finished goods, semi-finished goods.
Stores,spares parts and raw material were physically verified during the year by
Management at reasonable intervals and no material discrepancies were noticed on physical
verification.
(iii) According to the information and explanations given to us, the Company has
not granted any loans secured or unsecured to companies, firms, Limited Liability
Partnerships or other parties covered in the Register maintained under Section 189 of the
Companies Act, 2013.Accordingly, the provisions of clause 3(iii) (a),(b) and (c) of the
order are not applicable to the Company and hence not commented upon.
(iv) In our opinion and according to the information and explanations given to us,
the Company has complied with the provisions of section 185 and 186 of the Act, with
respect to the loans and investments made.
(v) The company has not received any public deposits during the year.
(vi) We have broadly reviewed the cost records maintained by the Company pursuant
to the Rules made by the Central Government under Section 148 (1) of the Companies Act,
2013 and are of the opinion that prima facie the prescribed cost records have not properly
made and maintained. We have, however, not made a detailed examination of these records
with a view to determining whether they are accurate or complete.
(vii) In respect of statutory dues:
(a) According to the records of the company and information and explanations given to
us, the Company has generally been regular in depositing undisputed statutory dues,
including Provident Fund, employees state insurance (ESI), Income-tax, Tax deducted at
sources, Tax collected at source, Professional Tax, Sales Tax, value added tax (VAT),
Service Tax, Excise Duty, Cess and other material statutory dues applicable to it, with
the appropriate authorities.
(b) According to the information and explanations given to us, there were no undisputed
amounts payable in respect of Income-tax, Custom Duty, Excise Duty, Sales-tax, VAT, Cess
and other material statutory dues in arrears/were outstanding as at 31 March, 2016 for a
period of more than six months from the date they became payable.
(c) There were no amounts which required to be transferred by the company to the
Investor Education and Protection Fund.
| Name of the statute |
Nature of dues |
Amount |
Period to which the amount relates |
Forum where dispute is pending |
| Income TaxAct,1961 |
TDS, Tax, Interest and penalty |
180/- |
Q-4 2010-2011 |
Traces Ghaziabad |
| Income TaxAct,1961 |
TDS, Tax, Interest and penalty |
1,030/- |
Q-3 & Q-4 20112012 |
Traces Ghaziabad |
| Income TaxAct,1961 |
TDS, Tax, Interest and penalty |
16,277/- |
Q-1,Q-2,Q-3 &Q-4 2012-2013 |
Traces Ghaziabad |
| Income TaxAct,1961 |
TDS, Tax, Interest and penalty |
22,870/- |
Q-1,Q-2,Q-3 &Q-4 2013-2014 |
Traces Ghaziabad |
| Income TaxAct,1961 |
TDS, Tax, Interest and penalty |
22,741/- |
Q-1,Q-2,Q-3 &Q-4 2014-2015 |
Traces Ghaziabad |
| Income TaxAct,1961 |
TDS, Tax, Interest and penalty |
41,573/- |
Q-1 &Q-2 2015-2016 |
Traces Ghaziabad |
(viii) In our opinion and according to the information and explanations given to
us, the Company has not defaulted in the repayment of dues to financial institutions,
banks and debenture holders.
(ix) According to the information and explanations given by management, the Company
as neither raised any monies by way of initial public offer or further public offer
(including debt instruments)during the year.
According to the information and explanations given by the management, the Company has
raised the term loans from bank and financial institution and were applied for the purpose
for which they were raised.
(x) According to the information and explanations given by management, no material
fraud by the Company or on the Company by its officers or employees has been noticed or
reported during the course of our audit.
(xi) In our opinion and according to the information and explanations given to us, the
Company has been paid/provided for the managerial remuneration in accordance with the
requisite approval maintained in the section 197 read with Schedule V to the Act not
provided for our verification
(xii) The Company is not a Nidhi Company and hence reporting under clause 3(xii) of the
order is not applicable.
(xiii) In our opinion and according to the information and explanations given to us the
Company is in compliance with section 177 and 188 of the Act, where applicable, for all
transactions with the related party transactions have been disclosed in the standalone
financial statements as required by the applicable accounting standards.
(xiv) According to the information and explanations given to us and based on our
examination of the records of the Company, the Company has not made any preferential
allotment or private placement of shares or fully or partly convertible debentures during
the year.
(xv) According to the information and explanations given by the management, the Company
has not entered into any non-cash transactions with directors or persons connected with
him as referred to in section 192 of the Companies Act, 2013.
(xvi) According to the information and explanations given to us, the provisions of
section 45-IA of Reserve Bank of India Act, 1934 are not applicable to the Company.
|
For B. B. Agrawal & Co. |
|
Chartered Accountants |
|
(FRN. 000597C) |
|
Sd/- |
|
(B.B.Agrawal) |
| Place : Mathura |
(Partner) |
| Date :30/05/2016 |
Membership No. 015698 |
Annexure B to the Auditors Report
Report on the Internal Financial Control under Clause (i) of the sub-section 3of
Section 143 of the Companies Act, 2013 ( the Act)
We have audited the internal financial controls over financial reporting of Tentiwala
Metal Products Limited (the Company) as of 31 March 2016 in conjunction with our audit
of the standalone financial statements of the company for the year ended on that date.
Managements Responsibility for Internal Financial Controls
The Companys management is responsible for establishing and maintaining internal
financial controls based on the internal control over financial reporting criteria
established by the Company considering the essential components of internal control stated
in the Guidance Notes on Audit of Internal Financial Controls over Financial Reporting
issued by the Institute of Chartered Accountants of India (ICAI). These responsibilities
include the design, implementation and maintenance of adequateinternal financial controls
that were operating effectively for ensuring the orderly and efficient conduct of its
business, including adherence to the Companys policies, the safeguardingof its assets,
the prevention and detection of frauds and errors, the accuracy and completeness of the
accounting records, and he timely preparation of reliable financial information, as
required under the Companies Act, 2013.
Auditors Responsibility
Our responsibility is to express an opinion on the Companys internal financial
controls over financial reporting based on our audit. We conducted our audit in accordance
with the Guidance Note on Audit of Internal Financial Controls over Financial Reporting
(the Guidance Note) and the standards on Auditing, issued by ICAI and deemed to be
prescribed under Section 143(10) of the Companies Act, 2013, to the extent applicable to
an audit of internal financial controls, both applicable to an audit of Internal Financial
Controls and, both issued by the Institute of Chartered Accountants of India. Those
Standards and the Guidance Note require that we comply with ethical requirements and plan
and perform the audit to obtain reasonable assurance about whether adequate internal
financial controls over financial reporting were established and maintained and if such
controls operated effectively in all material respects.
Our audit involves performing procedures to obtain audit evidences about the adequacy
of the internal financial controls system over financial reporting and their operating
effectiveness. Our audit of internal financial controls over financial reporting included
obtaining an understanding of internal financial controls over financial reporting,
assessing the risk that a material weakness exists, and testing and evaluating the design
and operating effectiveness of internal control based on the assessed risk. The procedures
selected depend on the auditors judgment, including the assessment of the risks of
material misstatement of the financial statements, whether due to fraud or error.
We believe that the audit evidence we have obtained is sufficient and appropriate to
provide a basis for our audit opinion on the Companys internal financial controls system
over financial reporting.
Meaning of Internal Financial Controls over Financial Reporting
A companys internal financial control over financial reporting is a process designed
to provide reasonable assurance regarding the reliability of financial reporting and the
preparation of financial statements for external purposes in accordance with generally
accepted accounting principles. A companys internal financial control over financial
reporting includes those policies and procedures that
(1) pertain to the maintenance of records that, in reasonable detail, accurately and
fairly the transactions and dispositions of the assets of the Company;
(2) provide reasonable assurance that transactions are recorded as necessary to permit
preparation of financial statements in accordance with generally accepted accounting
principles, and that receipts and expenditures of the Company are being made only in
accordance with authorizations of the Management and directors of the Company; and
(3) provide reasonable assurance regarding prevention or timely detection of
unauthorized acquisition, use, or disposition of the Companys assets that could have a
material effect on the financial statements.
Inherent Limitations of Internal Financial Controls Over Financial Reporting
Because of the inherent limitations of internal financial controls over financial
reporting, including the possibility of collusion or improper management override of
controls, material misstatements due to error or fraud may occur and not be detected.
Also, projections of any evaluation of the internal financial controls over financial
reporting to future periods are subject to he risk that the internal financial control
over financial reporting may become inadequate because of changes in conditions, or that
the degree of compliance with the policies or procedures may deteriorate.
Opinion
In our opinion, the Company has, in all material respects, an adequate internal
financial controls system over financial reporting and such internal financial controls
over financial reporting were operating effectively as at 31 March 2016, based on the
internal control over financial reporting criteria established by the Company considering
the essential components of internal control stated in the Guidance Note on Audit of
Internal Financial Controls Over Financial Reporting issued by the Institute of Chartered
Accountants of India.
|
For B. B. Agrawal & Co. |
|
Chartered Accountants |
|
(FRN. 000597C) |
|
Sd/- |
|
(B.B.Agrawal) |
| Place : Mathura |
(Partner) |
| Date :30/05/2016 |
Membership No. 015698 |
+91-9892691696
